By Josh Beckerman


Shares of Cumulus Media were recently down 13% after it said fourth-quarter revenue fell 12% to $221.3 million and announced a debt exchange offer.

Shares were recently at $3.90 on Tuesday and are down about 27% this year.

The company said "though national advertisers are expressing interest in increasing their radio buys, as of yet, ad demand remains choppy, reducing our visibility into the rest of 2024."

Cumulus said its Cumulus Media New Holdings is offering to exchange outstanding 6.75% senior secured first-lien notes due 2026 for new 8.75% notes due 2029, and is also offering to exchange term loans under its credit agreement for new term loans.

S&P Global Ratings downgraded Cumulus to CC from B-. It views the proposed debt restructuring as "distressed" and said the company has "elevated" leverage.


Write to Josh Beckerman at josh.beckerman@wsj.com


(END) Dow Jones Newswires

02-27-24 1613ET